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Xtract secures additional mining contractor for Manica alluvial gold deposit

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Xtract secures additional mining contractor for Manica alluvial gold deposit

Xtract Resources PLC unit Explorator Ltda. secured another contractor to exploit alluvial gold deposits at its Manica concession in Mozambique.

Huafei Gold Resources Co. Ltda. will mine the alluvials of the entire concession and retain 22% of the gold mined until payment of a US$350,000 entry fee and 20% thereafter.

The initial contract is for 10 years, or the depletion of alluvials, with an option for a five-year extension if the alluvials are not depleted.

Starting Feb. 1, the contractor will be required to have two fully operational plants with a minimum throughput of 200 tonnes per hour 24 hours per day.

The contractor will be responsible for smelting the gold concentrate and delivering gold dore bars as well as satisfying the statutory and legal requirements and paying the 6% mining production tax.

Explorator concluded a second mining contractor agreement in July 2017 for the eastern half of the alluvial gold deposits at Manica.